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Affordable Housing in Mumbai

About 15 years ago a song about Mumbai became a hit, it had a jingle with the words “I love I love I love Mumbai”.

Only a city like Mumbai can ever evoke such an emotion or such a hit song. Can you imagine such a song about any other city, Delhi, Calcutta, Bangalore, Noida? I think it would be nearly impossible. The songwriters knew how the citizens of the city felt about their city.

There are over 2 crore human beings who call the city of Mumbai home, but not all of them live in upscale posh neighborhoods like Juhu or Andheri. Most are middle class and don’t have very fancy jobs. Many don’t own a car and commute in the city by local train.

So where do they live, where do they own property in Mumbai?

If you are looking for affordable housing in Mumbai there are numerous options in places like Dombivali and Badlapur. The Lodha Group and Godrej respectively, counted among the top builders in Mumbai, have properties here priced at under 40 lakhs. These new projects in Mumbai are expected to be completed with 3 years and offer 1 or 2 BHK flats at affordable rates in Mumbai.

Other similarly priced homes in Mumbai can be found at Kalyan West. One such development at Kalyan West by Ajmera offers 1 BHK flats in Mumbai for just under 40 lakh Rupees. Yet another affordable society at Sil Phata by Dosti Group is constructing 1 BHK flats which can be bought for approximately 35 lakhs.

Owing a 1 BHK flat in Mumbai is at least somebody’s dream. How else do you explain how many of them are being built in Mumbai? Upcoming projects in Mumbai at locations mentioned above and also others at Virar, Mira Road and Taloja give us a glimpse into the kinds of new projects in Mumbai under construction at less illustrious addresses.

Nearly all of the flats for sale here cost less than 40 lakhs and yet provide good quality housing in a city which 20 million inhabitants call home.

Many of these residential projects in Mumbai are large undertakings and though not intended for upmarket buyers they do provide good, clean comfortable homes for those who can afford to purchase them.

Another neighborhood where the not so wealthy lives, has been considered, among many, prospective redevelopment projects in Mumbai.

One of the urban myths in Mumbai is that there are shanties in the Dharavi Slum which are priced upwards of 1 crore rupees. It may be true; however the plan to redevelop the most famous slum in India just hasn’t got off the ground. The slum is located at a prime spot close to the central business hub of the city and constructing apartments here to sell to upmarket customers has in the past been proposed and mulled over by many. Thus far however redevelopment of the Dharavi Slum has eluded the city of Mumbai.

Although in many respects redevelopment projects in Mumbai are financially viable for some slums and Chawals, for many others such projects are not financially viable.